Biesse Had to Put up with a Significant Increase in Net Financial Debt This Year to Date

Biesse had to put up with a significant increase in net financial debt this year to date. On 30 September, net financial debt totalled €72m. This equates to an increase by €23.2m since September of last year and by €21.5m since the end of 2011. According to the three-year plan for the years 2012-2014 presented in February, the net debt should have been reduced to around €50m this year. The rise in debt since the end of last year was due to an increase in working capital, investments in production in China and India as well as investments in new products. There is an imbalance between short and medium/long term liabilities, which shows a need to refinance in the short term. Short-term liabilities at €66.3m are much higher than the medium and long term liabilities of €5.7m.